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January 16, 2015

New rules for Cuban trade

TOMORROW Updated Cuban Assets Control Regulations Take Effect

By Jennifer Diaz on January 15th, 2015
Posted in Export, Import, International Travel, OFAC
cuba map
Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it is amending the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the “CACR”), which will be published in the Federal Register tomorrow, January 16, 2015, at which time the changes will take effect.

You can review the changes that will be published tomorrow here.

This is important, as it means the changes announced by OFAC tomorrow will be effective as of tomorrow, January 16, 2015, but, the Congressional response to those changes is still unknown.

OFAC is implementing policy changes announced by the President on December 17, 2014, which include “facilitating authorized travel to Cuba by U.S. persons, certain authorized commerce, and the flow of information to, from and within Cuba”.

OFAC also published a number of Frequently Asked Questions​ pertaining to this regulatory amendment.

Stay tuned, tomorrow, we will go through the changes and what is now legal.